Publication of insider information pursuant to Art. 17 MAR
Forecast for fiscal year 2022/23 refined – Targeting widened and reduced range for EBIT margin – Further growth with reduced earnings in first half year of 2022/23
Jena, Germany | 19 April 2023 | Carl Zeiss Meditec AG
In the first half of fiscal year 2022/23, Carl Zeiss Meditec AG (ISIN: DE0005313704) had revenues of € 974.5 million (prior year: € 855.4 million). Operating profit (EBIT) amounted to € 143.9 million (prior year: € 177.3 million). Earnings per share (EPS) reached € 1.26 (prior year: € 1.44).
In the second quarter of fiscal year 2022/23 revenue reached € 504.2 million (prior year: € 445.2 million). EBIT amounted to € 83.6 million (prior year: € 103.0 million). EPS reached € 0.69 (prior year: € 1.01).
The decline in operating profit primarily results from a weaker product mix owing to a lower share of consumables at the beginning of the fiscal year, in part related to the COVID-19 pandemic in China. In addition, higher procurement cost and the general rise in wage expenses are making an impact. Strategic investments in research and development as well as sales and marketing are unchanged and remain on a high level.
Order intake in the device business has been trending below the high prior year’s level both in the first half as well as in the second quarter of 2022/23. In the assessment of the executive board, this is mainly caused by the continuously elevated delivery times for many products as a consequence of strained global supply chains. This also leads to a slower implementation of price adjustments.
In spite of a positive expectation for a stronger product mix in the second half year 2022/23, the above-mentioned factors lead to an increased uncertainty regarding the outlook. Carl Zeiss Meditec AG is therefore refining its forecast for fiscal year 2022/23:
Revenue is expected to reach around € 2.1 billion, which based on today’s assessment meets the previous goal of growth at least in line with the underlying markets. The company had not previously provided a quantitative revenue forecast.
In the course of the second half year 2022/23, EBIT will significantly recover compared to the first half year. However, the above-named uncertainties require a widening of the forecast range for EBIT margin (EBIT in % of revenue). EBIT margin for the full fiscal year 2022/23 should reach between 17 – 20% (previous guidance: between 19 – 21%).
The full report on the first half of fiscal year 2022/23 will be published on May 9, 2023.
Carl Zeiss Meditec AG (ISIN: DE 0005313704), which is listed on the MDAX and TecDAX of the German stock exchange, is one of the world’s leading medical technology companies. The Company supplies innovative technologies and application-oriented solutions designed to help doctors improve the quality of life of their patients. The Company offers complete solutions, including implants and consumables, to diagnose and treat eye diseases. The Company creates innovative visualization solutions in the field of microsurgery. With approximately 4,224 employees worldwide, the Group generated revenue of €1,902.8m in fiscal year 2021/22 (to 30 September).
The Group’s head office is located in Jena, Germany, and it has subsidiaries in Germany and abroad; more than 50 percent of its employees are based in the USA, Japan, Spain and France. The Center for Application and Research (CARIn) in Bangalore, India and the Carl Zeiss Innovations Center for Research and Development in Shanghai, China, strengthen the Company's presence in these rapidly developing economies. Around 41 percent of Carl Zeiss Meditec AG’s shares are in free float. The remaining approx. 59 percent are held by Carl Zeiss AG, one of the world’s leading groups in the optical and optoelectronic industries.
For further information visit: www.zeiss.com/med